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Magna Announces Fourth Quarter 2023 Results and 2024 Outlook

AURORA, Ontario, February 9, 2024 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2023.

Swamy Kotagiri, Magna CEO

“I am pleased with our 2023 operating performance, highlighted by strong execution on higher sales, success in offsetting inflationary pressures, and the benefits from operational excellence activities across the company. We completed the acquisition of Veoneer Active Safety, and are on track to deliver meaningful synergies to our combined Active Safety business.

As we begin 2024, we remain focused on delivering on our short- and longterm growth, while emphasizing margin expansion, increasing free cash flow and driving returns on investment.”

- Swamy Kotagiri, Magna’s Chief Executive Officer